S&P 500 Futures Rise in Premarket Trading; Tapestry, Deckers Outdoor Lead
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 25 2024
0mins
Source: Barron's
Market Performance: Tapestry Inc. and Deckers Outdoor Corp. saw significant pre-market gains of 16.4% and 14.4%, respectively, while Centene Corp., Booz Allen Hamilton, and Western Digital also posted increases of at least 10%. Conversely, Olin Corp. and Comfort Systems USA experienced declines of 9.0% and 6.2%.
Broader Market Trends: S&P 500 futures rose by 0.19% and Dow futures by 0.17%, while the Cboe Volatility Index futures decreased by 1.04%. In commodities, Brent crude oil increased by 0.80%, gold fell by 0.50%, and Bitcoin dropped to $67,942.
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Analyst Views on WDC
Wall Street analysts forecast WDC stock price to fall
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 372.520
Low
135.00
Averages
189.74
High
250.00
Current: 372.520
Low
135.00
Averages
189.74
High
250.00
About WDC
Western Digital Corporation is a developer, manufacturer and provider of data storage devices and solutions on hard disk drives (HDD) technologies. The Company manufactures, markets, and sells data storage devices and solutions through its sales personnel, dealers, distributors, retailers, and subsidiaries. Its portfolio of technology and products addresses end markets: Cloud, Client, and Consumer. Cloud is comprised primarily of products for public or private cloud environments and enterprise customers. Through the Client end market, the Company provides its original equipment manufacturer (OEM) and channel customers with a broad array of high-performance HDD solutions across desktops and notebooks. The Consumer end market offers a range of retail and other end-user products. Its product portfolio includes Internal HDD, Data Center Drives, Data Center Platforms, External Drives, Portable Drives, network-attached storage (NAS) for Home and Office, and Accessories.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Nasdaq Inclusion Impact: SanDisk is set to officially join the Nasdaq 100 index on Monday, with an 8% rise since the announcement, which is expected to attract institutional buying, potentially leading to a surge in trading volume and market volatility.
- Memory Chip Supercycle: The memory chip sector is experiencing a 'supercycle' driven by surging demand from AI data centers, with analysts predicting strong demand for the next few years, reflected in quarterly earnings from major players like Micron, Seagate, and Western Digital.
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See More
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- Investment Recommendation: Cramer advised investors to buy Lam Research shares in increments, reflecting his confidence in the company's future performance, with expectations of favorable stock movement in the near term.
- Competitive Risk Advisory: Despite the positive outlook for Lam Research, Cramer noted that excessive equipment purchases could pressure competitors like Seagate and Western Digital, suggesting investors should monitor market dynamics closely.
See More
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- Inclusion in Nasdaq-100: Sandisk is set to join the Nasdaq-100 on April 20, 2025, replacing Atlassian, which underscores its strong demand in the data storage solutions sector, despite Wall Street's general view of overvaluation.
- Stock Performance and Analysis: The stock has surged over 2,700% in the past year, currently priced at $921, with analysts' median target price at $843, indicating an 8% downside risk; however, some analysts project a potential rise to $2,600, suggesting a 182% upside.
- Market Share Growth: Sandisk gained 2 percentage points in the NAND flash market over the past year, ranking fourth, yet outpacing industry leader Samsung, highlighting its competitiveness amid soaring AI data center demand.
- Strong Financial Performance: In Q1 2023, Sandisk's sales jumped 61% to $3 billion, with non-GAAP earnings soaring 404% to $6.20 per share; while future supply-demand imbalances pose risks, the current growth momentum renders its valuation reasonable.
See More
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- Stock Surge: Sandisk's stock has surged 2,700% over the past year, primarily driven by strong demand for its data center storage solutions, and its upcoming inclusion in the Nasdaq-100 is expected to further boost its stock price.
- Market Share Growth: Although Sandisk ranks fourth in the NAND flash market, it gained 2 percentage points of market share over the past year, indicating its increasing competitiveness amid surging AI data center demand.
- Strong Financial Performance: In the January quarter of 2023, Sandisk's sales jumped 61% to $3 billion, while non-GAAP adjusted earnings soared 404% to $6.20 per share, reflecting the company's profitability in a rapidly growing market.
- Future Risks: Despite the current supply shortage driving price increases, analysts warn that increased production capacity may lead to a supply glut in the future, potentially causing NAND prices to fall significantly, prompting investors to approach the stock's high valuation with caution.
See More
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- Inclusion in Nasdaq-100: Sandisk is set to join the Nasdaq-100 on April 20, 2025, replacing Atlassian, which highlights its strong demand in data center storage solutions and market recognition.
- Stock Surge: The stock has skyrocketed over 2,700% in the past year, although Wall Street analysts generally view it as overvalued, with a current price of $921 and a median target price of $843, indicating an 8% downside risk.
- Market Share Growth: Sandisk gained 2 percentage points in market share over the past year, tying for fourth place with Micron, and is expected to continue its strong growth amid surging NAND flash storage demand, projected to last until 2028.
- Strong Financial Performance: In its January quarter, Sandisk reported a 61% year-over-year sales increase to $3 billion, with non-GAAP earnings soaring 404% to $6.20 per share, demonstrating robust performance in the rapidly evolving memory chip industry.
See More
